Raymond James Lowers Devon Energy (NYSE:DVN) Price Target to $46.00

Devon Energy (NYSE:DVN) had its target price reduced by investment analysts at Raymond James from $54.00 to $46.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Raymond James’ price objective would suggest a potential upside of 33.74% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Susquehanna lifted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Piper Sandler boosted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $34.40 on Monday. The firm’s 50 day simple moving average is $35.32 and its 200 day simple moving average is $37.49. Devon Energy has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a market capitalization of $22.32 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts forecast that Devon Energy will post 4.85 earnings per share for the current year.

Institutional Investors Weigh In On Devon Energy

Several hedge funds have recently bought and sold shares of DVN. Hurley Capital LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy in the 4th quarter valued at $28,000. Capital Performance Advisors LLP bought a new stake in Devon Energy in the 3rd quarter valued at $35,000. True Wealth Design LLC lifted its holdings in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.